PINKNEY FINANCIAL SERVICES

Permanent Life Insurance

Insurance

Permanent Life Insurance

Permanent life insurance is a type of life insurance policy that provides coverage for the entire lifetime of the insured individual, as long as the premiums are paid. It is designed to provide financial protection to the policyholder’s beneficiaries in the event of the policyholder’s death during the term of the policy.

Permanent Life Insurance

This type of insurance is different from term life insurance, which provides coverage for a specific period, such as 10, 20, or 30 years.

Here are common types of permanent life insurance policies:

  • Whole Life Insurance: This is the most common type of permanent life insurance. It provides a death benefit to the beneficiaries upon the insured person’s death, regardless of when it occurs. Whole life insurance policies also accumulate cash value over time, which can be accessed or borrowed against during the insured person’s lifetime.
  • Universal Life Insurance: Universal life insurance offers more flexibility than whole life insurance. It combines a death benefit with a savings component, allowing policyholders to adjust their premium payments and death benefits throughout the policy’s duration. Universal life insurance policies typically have investment options, and the cash value can grow based on market performance.
  • Participating Whole Life Insurance: This type of whole life insurance policy allows policyholders to participate in the profits of the insurance company. A policyholder, may receive dividend payment options based on the company’s financial performance. The most common dividend options can be used to increase the policy’s cash value, reduce premiums, or provide additional coverage.

Permanent life insurance is often used for long-term financial planning and estate preservation, as it can provide a tax-free death benefit to beneficiaries and offer potential tax advantages while the policyholder is alive.

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For 26 years Pinkney Financial Services has been a very important part of my financial future. I’m most grateful for everything they have done for me over these many years.
Frances Burke
Retired Edmonton Public Teacher

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